The following data were taken from the income statements of Sheridan Company.

		2022		2021
Sales revenue		$6,420,000		$6,253,000
Beginning inventory		950,300		822,900
Purchases		4,682,000		4,613,000
Ending inventory		1,143,000		950,300

(a)

Partially correct answer icon

Your answer is partially correct.

Compute the inventory turnover for each year. (Round answers to 1 decimal place, e.g. 12.5.)

		2022			2021
Inventory turnover		Enter inventory turnover in times rounded to 1 decimal place	times		Enter inventory turnover in times rounded to 1 decimal place	times

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Solution

Attempts: 3 of 3 used

(b1)

Compute days in inventory for each year. (Round answers to 0 decimal places, e.g. 124. Use 365 days for calculation.)

		2022			2021
Days in inventory		Enter days in inventory rounded to 0 decimal places	days		Enter days in inventory rounded to 0 decimal places	days